Originally Posted by
garykung
2 issues with your statement:
1. Are you sure Chase is not an intermediary bank?
Note - to those who don't know, intermediary bank is a term commonly used in wire transfer. It is not always possible to do a wire transfer from Bank A to Bank C. So Bank A would need to rely on Bank B, a middle-person bank to facilitate the transfer. Bank B is known as intermediary bank.
2. 10-year of history with Schwab does not automatically mean you know them well. Logically, there is no relationship between both.
I am certainly not an expert in this area, but I know that wiring money to BofA, Citi, or even my mom's tiny bank in Florida does not require an intermediary. The JPM hop used to be semi important because it added an extra day to the process, but this is no longer the case, so I think we can put this sidebar to bed (e.g. the technical details don't matter as long as the process works).